Stocks are off to a sluggish start on Wall Street, pulling major indexes further below the all-time highs they set last week. The S&P 500 index slipped 0.2% in the first few minutes of trading Wednesday. The Nasdaq composite gave back 0.1%, and the Dow Jones Industrial Average was down 89 points, or 0.2%. FedEx helped offset the losses with a gain of almost 13%. The package carrier reported results for its latest quarter that easily beat forecasts.
Shares of Rivian soared 37% on news that Volkswagen has agreed to invest up to $5 billion in a new joint venture with the electric vehicle maker. Broadly, sales at retailers across the country have been up and down recently as companies highlight how lower-income customers are struggling to keep up with still-rising prices.
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